Bensenville shopping center sells for 25 percent less than 2005 price

Phillips Edison-ARC Shopping Center REIT Inc., a Cincinnati-based real estate investment trust, says it led a joint venture that paid $14.9 million for a 125,550-square-foot shopping center in west suburban Bensenville. The seller was a venture of Jacksonville, Fla.-based Regency Centers Corp., one of the nation's largest shopping center REITs, county records show. Located at 1145 S. York Road, Brentwood Commons is 99 percent occupied and anchored by a 64,762-square-foot Dominick's grocery store, which holds a lease until 2022, according to a CBRE Inc. listing. Other tenants include Dollar Tree, Advance Auto Parts and Payless Shoes. Regency paid $19.9 million for the property in 2005, property records show. Representatives of Phillips Edison-ARC and Regency Centers could not be immediately reached Tuesday morning.

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725 W. Irving Park Road.

Newcastle buys apartments in $16.5 million deal

Newcastle Ltd. says it bought two North Side courtyard apartment buildings with 115 units in a deal that values the properties at $16.5 million. The Chicago-based real estate firm bought the properties at 718 and 725 W. Irving Park Road from ventures led by Chicago investor Joseph Farago, state and county records show. Newcastle assumed the debt on the buildings, two loans that had a combined balance of $9 million when they were issued by Guardian Life Insurance Co. of America in 2005. “Our ability to assume existing debt was a key factor in meeting the seller's needs,” Peter Tortorello, Newcastle senior vice-president, said in a news release. “The certainty of execution Newcastle brought to the deal was crucial.” Mr. Farago, president of Dimensions Management Corp., was not immediately available Tuesday morning.

Bucktown office property goes back to lender

A venture of CG Development Group LLC, a condominium developer led by Art Collazo and Jon Goldman, agreed to hand a Bucktown office building back to Bridgeview Bank Group after failing to repay a 2004 construction loan. The venture bought the 12,000-square-foot building at 1753-55 N. Damen Ave. in December 2004 for $2.8 million and financed the purchase with a $2.2 million construction loan, county records show. After several modifications, the loan's principal was increased to $3 million in June 2008. The venture agreed to a so-called consent foreclosure in April, according to a complaint Bridgeview filed in Cook County Circuit Court in June. Current tenants in the building include RSVP Gallery, a luxury boutique, and CG Development Group. Mr. Goldman and a bank representative did not return calls and Mr. Collazo did not return an email.